The bill amends Section 35-4-25 of the Code of Alabama 1975 to clarify the conditions under which acknowledgments of deeds, mortgages, or other conveyances can be taken by officers of certain business entities. Specifically, it allows officers who own or hold no more than one percent of the total issued and outstanding capital stock of a corporation, national banking association, building and loan association, savings and loan association, credit union, or limited liability company to take such acknowledgments without the conflict of interest typically associated with stock ownership. The bill replaces the term "or" with "or limited liability company" in multiple instances, thereby expanding the scope of entities covered by this provision.

Additionally, the bill removes the requirement that the officer not hold any office in the corporation or other entities mentioned, thereby simplifying the acknowledgment process. The act is set to become effective on October 1, 2025.

Statutes affected:
Introduced: 35-4-25, 35-4-25
Enrolled: 35-4-25, 35-4-25